Calavo Growers Inc. on Wednesday reported record profits for its fourth quarter, with net income soaring 235 percent to the highest total in the company's history on a nearly 10 percent growth in revenues.
The Santa Paula-based marketer of Southern California avocados said its net income was $4 million (28 cents per share) for the quarter ended Oct. 31, compared with $1.2 million (8 cents) profit a year ago.
Revenues rose 9.5 percent to $80.8 million. Processed product revenues jumped 11 percent to $12.8 million on expanding sales of its ultra-high pressure processed guacamole.
"We patiently invested in and built a formidable processed operation with appealing products that continues to notch impressive sales gains to the retail and foodservice channels," Chief Executive Lee Cole said in a statement. "This operation has now come fully into its own."
Calavo shares were up 87 cents, or 7.5 percent, to $12.60 in morning trading on the Nasdaq.
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